Volusia-Flagler home sales on the rise

Theresa Geyer, president of the Daytona Beach Area Association of Realtors and a broker/Realtor with Coastal Results Realty in Ormond Beach, said the 5.6-month supply of homes for sale in the Daytona Beach area is consistent with a stable market.

Last Modified: Monday, November 19, 2012 at 4:46 p.m.

Theresa Geyer, president of the Daytona Beach Area Association of Realtors and a broker/Realtor with Coastal Results Realty in Ormond Beach, said the 5.6-month supply of homes for sale in the Daytona Beach area is consistent with a stable market.

News-Journal file/BOB KOSLOW

Additional evidence of recovery came with increased residential sales around Florida and the nation.

Local pending sales — those expected to close within 90 days — were also up significantly, but local median sale price levels were mixed, up in Flagler County and the Daytona Beach area, but down in Southeast and West Volusia.

"It seems everything is pointing upwards," said Carmen Bongiovanni, president of the Flagler County Association of Realtors and a Realtor with Watson Realty Corp. in Palm Coast.

"Prices are low, though inching up in some places," he added. "They are at the point where they should (be) if we considered a 3 percent increase each year from 1992 and took out the boom bubble from several years ago."

In Volusia County, 729 existing homes were sold in October, according to the Daytona Beach Area Association of Realtors, the New Smyrna Board of Realtors and the West Volusia Association of Realtors. That's up 28.5 percent from the 567 homes that were sold in October 2011.

The associations do not track sales of newly constructed homes.

Through the first 10 months of this year, there have been 6,592 existing homes sold in Volusia County. That's up 4.3 percent from the same period a year ago when 6,322 homes were sold.

In Flagler County, 173 homes were sold in October. That's up 15.3 percent from October 2011, according to the Flagler County Association of Realtors. It's the 19th consecutive monthly year-over-year increase.

Year to date, 1,903 homes have been sold in Flagler County. That's up 18.7 percent from the 1,603 houses that were sold in the first 10 months of 2011.

The median price — where half sell for more and half for less — for a home sold in October in Flagler County was $140,000. That's the highest level in the past 12 months and up 10.8 percent from $126,350 in October 2011.

There were 260 pending sales in Flagler County in October. That's up 63.5 percent from the 159 reported in October 2011.

Inventory levels in Flagler County fell 41.6 percent to 946 homes for sale compared to 1,619 a year ago. At the current sales pace, the supply of homes for sale would last 4.5 months, the lowest level in more than five years.

Low inventory levels is the main reason prices in some areas have increased this year, Realtors said.

"Prices are good, interest rates are great and the inventory has shrunk to the point where people who are thinking of buying are making the move while the time is right and prices are favorable," said Sandy Alford, president of the West Volusia Association of Realtors and a Realtor with Swann & Associates in DeLand. "We've seen a steady increase and that is very good."

West Volusia paced the Volusia County surge in residential sales.

There were 310 homes sold in West Volusia, according to the West Volusia Association of Realtors. That's up 32.5 percent from the 234 sold in October 2011. It's the fifth straight month of rising or flat monthly year-over-year sales.

The median sale price in West Volusia was $75,000 in October, down 3.8 percent from $78,000 a year ago.

Pending sales are up 51.6 percent to 391 from 258 a year ago. The inventory of homes for sale was down 27 percent to 1,464 from 2,009 a year ago, the lowest since September 2005.

The supply of homes for sale in West Volusia would last 4.8 months at the current sales pace.

The Daytona Beach Area Association of Realtors reported the sales of 352 existing homes in October. That's up 30 percent from the 271 sold a year ago and snaps a two-month year-over-year monthly decline.

The median sale price was $120,000, down 4 percent from $125,000 a year ago.

Pending sales were up 94 percent to 530 from 273 and the inventory of homes for sale was down 40 percent to 1,979 from 3,294. At the current sales pace, the supply of homes for sale would last 5.6 months in the Daytona Beach area.

Theresa Geyer, broker for Coastal Results Realty in Ormond Beach and president of the Daytona Beach Area Association of Realtors, said that's consistent with a stable market.

"It's when we get down to 2 or 3 months that we might see a feeding frenzy like we had in 2004 and 2005," Geyer said.

The New Smyrna Beach Board of Realtors reported the sale of 67 homes in October. That's up 8 percent from the 62 sold a year ago, the seventh monthly year-over-year increase in the past nine months.

The median sale price was $157,343, up almost 30 percent from $121,450 a year ago. It's also the highest median sale price in the past 23 months in Southeast Volusia.

Pending sales rose 100 percent to 126 from 63 a year ago. Inventory levels fell 29 percent to 757 from 1,063 a year ago. At the current sales pace, the inventory of homes for sale would last 8.7 months.

"I just look at the numbers and smile," said Travous Dever, president of the New Smyrna Beach Board of Realtors and a Realtor with The Keyes Company in New Smyrna Beach. "The lack of inventory is pushing prices up and a good property will get multiple offers."

Across the state, existing house sales in October surged 25.3 percent to 17,779. The median sale price was $145,000, up 9 percent from a year ago.

Nationally, sales of exiting homes in October were up almost 11 percent to a seasonally adjusted annual rate of 4.79 million units from 4.32 million a year ago. The median sale price for all housing types was $178,600, up 11 percent from a year ago.

Existing Home Sales

Volusia County

Oct. 2012 719

Oct. 2011 567

Flagler County

Oct. 2012 173

Oct. 2011 150

SOURCE: Daytona Beach Area Association of Realtors, Flagler County Association of Realtors, New Smyrna Beach Board of Realtors and West Volusia Association of Realtors.

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